A recent research report by Tiger Research analyzes that by 2025, the United States is actively promoting the integration of the cryptocurrency industry into the existing financial system, while simultaneously restructuring the regulatory framework and establishing institutional foundations. The institutional changes that have occurred within just one year of President Trump's re-election are noteworthy because they extend beyond mere industry absorption; they accelerate integration with traditional financial institutions.
The United States, in particular, adopted a policy-driven approach, rather than separating the cryptocurrency industry for separate regulation or exclusion, but rather integrating it into the existing infrastructure. The Trump administration implemented substantial market integration by coordinating the positions of key agencies such as the SEC, CFTC, and OCC, and by introducing new legislation.
According to Tiger Research, the SEC has shifted its policy from aggressively pursuing litigation to a more inclusive approach focused on building a regulatory foundation. This includes attempts to establish clear benchmarks for the legal nature of tokens through the "crypto project" framework. This contrasts with the rigid regulatory approach under former SEC Chairman Gary Gensler.
Starting this year, the CFTC has officially recognized Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) as commodities. In particular, through the "Digital Asset Collateralized Deposit Pilot Program," it has laid the foundation for the use of these assets as regulated collateral in the derivatives market. This is an institutional move to give cryptocurrencies substantial trust as collateral.
The Office of the Comptroller of the Currency (OCC) has pursued a strategy that integrates, rather than excludes, cryptocurrency companies from the existing financial system. With cryptocurrency companies previously outside the federal banking system conditionally granted national trust bank status, allowing them to operate nationwide, the regulatory gap between them and traditional banks has narrowed significantly. This has enabled major companies like Ripple (XRP) and Circle to operate nationwide services under federal regulation.
Significant changes have also occurred in the legislative arena. Stablecoin-related legislation, which had been pending since 2022, finally gained a clear regulatory framework with the passage of the GENIUS Act in 2025. This act is seen as a measure to simultaneously ensure stability and transparency, including requirements for 100% holding of issuance reserves, prohibition of re-collateralization, and the unification of federal regulatory agencies. Thus, stablecoins have effectively been legalized as a form of digital dollar.
Importantly, these changes are not mechanically and uniformly moving in a single direction. Tiger Research adds that differences in positions and checks and balances still exist between various U.S. departments, particularly regarding specific regulatory interpretations, such as the debate surrounding personal privacy protections, which can lead to conflicts. A prime example is the differing perspectives between law enforcement and the SEC on the privacy-enhancing service "Tornado Cash."
This tension may appear as friction in the short term, but in the long run, it can be interpreted as a process of forming a more refined regulatory system. The Trump administration is using this structural conflict as a driving force for institutional reform and allowing agencies to independently advance policies without reaching a complete consensus.
The final assessment is that the US is neither opening up nor suppressing the cryptocurrency industry indefinitely, but rather pursuing both institutional inclusion and the normalization of market operations. This is also interpreted as a strategic move by the US to ensure its dominance in the international competition for institutional design. According to Tiger Research's analysis, the regulatory changes that have occurred in the past year are significant because they are not merely declarations but are entering the actual implementation phase.
